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PICO Holdings, Inc. Announces Results for the First Quarter of 2015
First Quarter Segment Results of Operations
For the first quarter of 2015, we reported a net loss of
Real Estate Operations Segment
"UCP continued their progress to become a larger and more efficient homebuilder. In the first quarter of 2015, UCP reported that it generated revenue of
"The canola crush margin environment continues to be unfavorable though there are signs of improvement. We recently announced that we had engaged
Water Resource and Water Storage Segment
"While we did not report any significant sales in the first quarter of 2015, the level of inquiries from potential users of our water assets is extremely high. The continuing drought conditions and economic growth in our markets are putting significant strain on existing water supplies."
Net Book Value
The following table is provided as a supplement to the consolidated financial statements contained in our Quarterly Report on Form10-Q, to illustrate the relative size of our assets and activities (in millions):
We are a diversified holding company. We seek to acquire, build, and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which we identify as undervalued and where our management participation in operations can aid in the recognition of the business's fair value, as well as create additional value.
Our objective is to maximize long-term shareholder value. We manage our operations to achieve a superior return on net assets over the long term, as opposed to short-term earnings.
Currently our three major businesses are:
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this press release that are not historical, including statements regarding our business objectives, the expected results of our business segments, the timing of anticipated milestones or events, progress in UCP's business, the potential sale of Northstar, Vidler's potential sales based on inquiries from potential users of our water assets, and related anticipated economic and market conditions, are forward-looking statements based on current expectations and assumptions that are subject to risks and uncertainties. In particular, our actual results could differ materially from such expectations because we could be unable to sell Northstar on terms that are acceptable to us, or at all.
In addition, a number of other factors may cause results to differ materially from our expectations, such as: any slow down or downturn in the housing recovery or in the real estate markets in which UCP and Vidler operate; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; prolonged weakness in the overall U.S. and global economies; the performance of the businesses and investments in foreign companies; the continued service and availability of key management personnel; potential capital requirements and financing alternatives; and the impact of international events.
For further information regarding risks and uncertainties associated with our business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our
We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.